[MARKET ANALYSIS] Oil resumed its rally after Trump warned the clock is ticking on Iran, while he is set for a Situation Room meeting on Tuesday to discuss possible options for military action

WTI/Brent: WTI Jul'26 +2.5% / Brent Jul'26 +2.1%Oil prices continued on their recent rally with Brent briefly touching USD 112/bbl following a warning by US President Trump that the clock is ticking on Iran, while he is set to hold a Situation Room meeting with his national security team on Tuesday to discuss possible options for military action. In addition, a report noted that the energy crisis is said to enter a new phase as the peak summer season draws closer, while the US allowed a Russian oil sales waiver to expire, despite the ongoing supply concerns caused by the Middle East conflict.Gold: -0.2%Retreated in early trade and briefly dipped beneath the USD 4,500/oz level amid higher yields and a firmer dollar, but then recouped most of the initial losses.Copper: -0.9%Extended on last Friday's downturn with demand sapped by the mostly negative risk appetite and disappointing Chinese activity data.